Kailera Therapeutics priced an upsized IPO, raising $625 million to fund clinical development of obesity drugs, according to the company’s public offering terms. The deal sets a new benchmark for U.S. biopharma IPOs and follows large prior rounds as Kailera builds an obesity portfolio licensed from China’s Hengrui. The proceeds are slated to support global clinical trials, with the lead program ribupatide (KAI-9531) in Phase III testing as a once-weekly injectable GLP-1/GIP receptor dual agonist peptide. The company also referenced broader pipeline development activities. For the sector, the offering underscores continued capital appetite for metabolic franchises and reinforces the expectation that large, late-stage obesity pipelines will be prioritized by public markets.